Crypto market is under another bear attack, and there are 4 reasons, which are responsible.

1

Silvergate lesson: No friend in need means divided we fall.

Silvergate Bank, which went bankrupt after being hit by FTX, was the first registered bank in the world to engage with crypto. None of the crypto firms cooperated; on the contrary, every crypto platform informed its customers that they were not associated with Silvergate. After being neglected, Silvergate announced its liquidation. It is clear from this that the crypto world was broken, and the bears attacked the market.

2

HT Flash Crash made the crypto world wonder and under

Huobi's native token made a huge U-turn, with a sudden 90% drop in its value, making HT replicate Luna. But HT recovered most of its value by increasing by 1000% in a matter of minutes. Crypto analysis are not ruling out something wrong done by Justin Sun. This becomes a reason for no fodder for crypto bulls and a chance for crypto bears. 

3

NYAG sueing KuCoin and Attacking Ethereum 

(PoS under Attack)

Controversial   New York Attorney General Letitia James has sued KuCoin for PoS, and described Ethereum as a security. This was the next step after the SEC fined Kraken under the same pretext. Due to James's action, the crypto world started talking about leaving New York, while the state's crypto consumers are strong. This incident has a direct effect on the market.

4

30% Mining Tax Proposed by Biden

(PoW under Attack)

US President Joe Biden is again under attack for increasing Tax. Bitcoin has come under direct fire due to proposals to tax the crypto mining industry more than exempt it. Bitcoin is the controller of the crypto market; most bitcoin mining in the world happens in the US; and the pressure on miners is affecting the entire crypto world.